Comerica shares drop 8% as loans shrink

AlistairBarr

SAN FRANCISCO (MarketWatch) -- Comerica Inc.
CMA, -1.21%
shares dropped 8% Wednesday on concern about loan growth at the regional bank. The Dallas-based company, which has operations in Michigan, reported third-quarter net income attributable to common shareholders of $59 million, or 33 cents a share, compared to a loss of $16 million, or 10 cents a share, in the same period a year earlier. A survey of analysts by FactSet Research had produced a consensus profit estimate of 40 cents a share. Average earning assets fell $1.6 billion, including a $570 million drop in average loans. "In this sluggish and still uncertain economic environment, our customers have remained understandably cautious. This is reflected in the weak loan demand and continued strong core deposit levels," Comerica CEO Ralph Babb said in a statement. Comerica shares fell 8% to $35.33 in morning action Wednesday.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.